Congrats on the purchase @nymarty. That pre will serve you well and last close to forever. Unfortunately only rca or xlr can be used at one time. A second pair of rca’s could be wired in and both sets of rca’s could be used if needed. The toggle arranges the ground for the output in use which is why you cant use both at the same time.
Preamp Deal of the Century
If anyone is looking for a true "World Class" preamp at a very fair price..heed my advice. I just recieved a Supratek Syrah preamp that was hand built by Mick Maloney in Western Australia, and it is absolutely beautiful! This preamp is the best deal you will ever find. I would put it up against any preamp out there for both looks and sound. Price? $2500 for the Syrah (includes Killer Phono stage). Not into phono? Try the Chardonney line stage for $2100. Don't get me wrong, I am not associated with this company. I am just a very happy owner! This preamp is VERY dynamic, yet liquid. It conveys the sound of music better than any other preamp that I have ever heard! You can check out the Supratek website at www. cantech.net.au